8.7.2003: Meldung: ARISE Technologies Closes Initial Tranche Of IPO

ARISE Technologies Corporation (ARISE) today announced that it has completed the first tranche of its previously announced IPO financing and also completed a planned amalgamation with Intercedent Ventures Ltd. (IVL) following receipt of approvals by the shareholders of both companies. It is anticipated that final documentation can be submitted to the TSX Venture Exchange expeditiously and, following approval by the TSX Venture Exchange, trading in ARISE shares will commence.

Ian MacLellan, President and CEO of ARISE, said that this arms length amalgamation with IVL will provide positive benefits to the shareholders of both companies, and it is particularly gratifying that all of the members of the IVL Board of Directors have agreed to join the ARISE Advisory Council.

Pursuant to IVL"s March 31, 2003 interim financial statements, IVL has total net assets of $517,318, including $175,000 currently payable by ARISE to IVL which will be eliminated on completion of the amalgamation. The net assets amount will also be reduced by the amalgamation expenses incurred by IVL, which are estimated to be $25,000.

The initial closing of the ARISE IPO raised $907,329 less $90,733 for commissions and consisted of units priced at $0.75. Each unit consists of one common share and one-half share purchase warrant. Each whole warrant entitles the holder to purchase one common share for $1.00 for a period of 24 months from closing. ARISE issued 1,209,772 units on the first IPO tranche plus 923,076 units issued to IVL shareholders pursuant to the amalgamation. The combined transactions added approximately $1.4 million to the shareholders"equity of ARISE. A second closing is anticipated on Wednesday July 9th. The Agent for the IPO is Northern Securities Ltd. which is entitled to a 10% cash commission plus 10% in broker"s warrants.

Paul Cooper, President of IVL said: "The amalgamation, a Qualifying Transaction as defined in TSX Venture Exchange Policy 2.4, fulfills our mandate as a Capital Pool Company. We are delighted by the success of this transaction. Solar energy presents a significant business opportunity that also has important benefits for the environment. We believe that ARISE is well placed to be a key player in this growth industry."

Under the terms of the transaction, IVL shareholders will exchange 4.875 shares of IVL for one share of ARISE and one-half share purchase warrant. Each whole warrant entitles the holder to purchase one common share at a price of $1.00 per share for a period of two years which is consistent with the warrants issued pursuant to the ARISE IPO.

Additional information is in the ARISE/IVL amalgamation agreement dated November 15, 2002, the ARISE final prospectus dated May 27, 2003, the IVL information circular dated May 28, 2002 and the ARISE information circular dated May 28, 2002. All documents are available on www.SEDAR.com.

About ARISE

ARISE (Appropriate Renewable Intelligent Sustainable Energy) is an energy technology company dedicated to accelerating the use of solar energy in mainstream markets.

About IVL

Prior to the amalgamation with ARISE, IVL was a Capital Pool Company created pursuant to Exchange Policy 2.4.

Listing of the ARISE common shares on TSX Venture Exchange and completion of IVL"s Qualifying Transaction remain subject to final TSX Venture Exchange approval. TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.